IFC Reveals Proposed US$7M Investment in Salmon to Scale Business
by Fintech News Philippines January 4, 2024The International Finance Corporation (IFC), a member of the World Bank Group, has recently set forth a proposal to invest US$7 million in Fintech Holdings Ltd, which operates three of its subsidiaries under the brand name Salmon in the Philippines.
According to an IFC investment disclosure notice, Salmon utilises next-generation technology and data-driven strategies to enhance the accessibility and convenience of financial services “by offering a wide range of credit and deposit products, which will include cash loans, revolving credit lines, point-of-sale financing, credit cards and debit cards”.
The proposed investment of up to US$7 million in equity by IFC as part of a fundraising round, is intended to enable the fintech company to scale its business. Fintech Holdings Ltd, registered in the UAE, has a substantial operational footprint in the Philippines.
The proposed investment forms part of a broader initiative to support the consumer fintech startup, that is backed by the Abu Dhabi sovereign wealth fund ADQ. Operating primarily in the Philippines, the rest of the Salmon shareholder base includes its founding management team, plus a blend of Filipino and international investors.
Featured image credit: edited from Freepik
